Union Finance Minister Nirmala Sitharaman is set to present her 7th straight Union Budget today, surpassing the record of former Prime Minister Morarji Desai. This is also the first full Budget of the Modi 3.0 government. With the BJP coming to power for the third time, albeit with fewer seats, there were high expectations from the Budget. Many expected Sitharaman to provide much-needed relief to the salaried, middle class, and the common man.Check Budget Live Coverage
From hiking the standard deduction limit to raising the basic exemption limit in the new tax regime, simplifying the capital gains tax structure, and making changes to GST, the common man is expecting much-needed relief from rising inflation. Many also expected the government to reduce the prices of gas cylinders and to control inflation. There were expections from the govt to announce more trains to reduce congestion as well.
Key announcements of Interim Budget 2024
- The government will launching the “Housing for Middle Class” scheme to encourage middle-class individuals to purchase or construct their own homes.
- Pradhan Mantri Awas Yojana (Grameen) nearing its target of 3 crore houses, with an additional goal of 2 crore houses set for the next five years.
- Accelerate Saksham Anganwadi and Poshan 2.0 programs to enhance nutrition delivery, early childhood care, and development.
- Promotion of cervical cancer vaccination for girls aged ..
- Promotion of cervical cancer vaccination for girls aged 9-14.
- Extending health coverage under the Ayushman Bharat scheme to include all ASHA, Anganwadi workers, and helpers.
- Withdrawal of outstanding direct tax demand, with limits set at up to Rs 25,000 for issues up to FY10 and up to Rs 10,000 for FY11-FY15, benefiting around 1 crore taxpayers.
- Enabling 1 crore households for rooftop solarization, providing up to 300 units of free electricity per month.
- Fast-tracking Saksham Anganwadi and Poshan 2.0 for improved nutrition delivery and early childhood care and development.
- Expanding existing airports and undertaking comprehensive development of new airports under the UDAN scheme.
- Implementation of three major railway corridor programs under PM Gati Shakti to enhance logistics efficiency and reduce costs.